3 January 2018
HY Corporate Credit
HY Multi Sectot,Media. Cable & Satellite
Debt Issuance and Maturities
The majority of new issuance in Chemicals HY and loans were opportunistic
repricings and refinancings, which represented 66% of all Chemicals HY and
loan transactions in 2017. Chemicals HY and loan transactions related to M&A,
LBO's and Spin-offs made up 28% of all Chemicals HY and loan transactions in
2017, while Dividends/GCP made up the remaining 6%.
Figure 14: Chemicals HY Bond and Loan Issuance by UOP FY-17
Sea Dago:MSS
We detail below a distribution of current HY bond and loan maturities with a
listing of the largest Chemicals issuers in each of the given periods. We
estimate that there currently remains S2.0bn of total HY and loan Chemicals
maturities due in 2018-2019. The 2020-2021 period represents 23% of total
($19bn) HY and loan Chemicals debt outstanding.
Approximately 56% ($46bn) of all outstanding HY and loan Chemicals paper is
set to mature during the three-year period from 2022-2024. This includes an
overweight split towards loans (71%) vs. HY (44%) representative of the recent
wave of bank debt refinancings over the past several years. The period beyond
2024 currently represents 19% of total outstanding, which comprises mainly
HY recently refinanced paper.
Figure 15: Largest Maturities by Period
201112014 20262021 2022-2024 r202S
MS Marin (nwid 22.011 MUM sada* 114.001
tap. Ho,4mon S 680 /lemon $ 2.513 hoes S 6.904 CF InOultres S 2 250
Con. Enugy S 499 FInt 1.1556 Madam S 3 414 Nova S 1550
158 Irduatrea S 375 Ptaloun S 1.420 Malta S 3.278 (Nemours S 1250
Nufn S 325 HIAISTIO1 3258 Charnows S 2.879 Oln S I OCO
Mornenvv• S 1.100 Tonto S 2.734 Into* S 638
1PC Clap 905 HB Rat $ 2. 150 Radom, S 550
CF Sodom*. 900 PO S 2.074 Rao, Carbon S 550
&VC. 00.00* ant 90:010*, Aninc•LP
Deutsche Bank Securities Inc. Page 31
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